Using the information in QS 1-17, prepare an income statement and statement of changes in equity for the month ended May 31, 2020, and a balance sheet at May 31, 2020.

QS 1-17

Paul Sangha began Sangha Consulting on May 1, 2020 and reported the items below at May 31, 2020. Match each numbered item with the part of the balance sheet on which it should be presented. If the item does not appear on the balance sheet, choose (d) and identify on which financial statement(s) the item would appear.

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1. Loss $ ? 8. Repair supplies $ 5 2. Rent expense 22 9. Notes payable 25 3. Rent payable 10. Paul Sangha's withdrawals in May 4. Accounts receivable 14 11. Truck 15 5. Paul Sangha's investments in May 30 12. Consulting revenue 18 6. Interest income 2 13. Paul Sangha, capital, May 31, 2020 ? 7. Paul Sangha, capital, May 1, 2020 14. Cash 20 %24